false Q3 GENPACT LTD 0001398659 --12-31 Large Accelerated Filer P1Y P1Y P4Y us-gaap:OtherAssetsNoncurrent P2Y us-gaap:OtherAssetsMember us-gaap:OtherAssetsMember 0.0095 0.0082 0.0101 0.0108 P84M P84M 0.0267 0.0156 0.0293 0.0263 0.2255 0.210 0.2273 0.2138 P6Y4M24D P6Y8M12D P6Y8M12D P3Y7M6D P3M P2Y P2Y 0001398659 2019-01-01 2019-09-30 xbrli:shares 0001398659 2019-10-31 iso4217:USD 0001398659 2018-12-31 0001398659 2019-09-30 iso4217:USD xbrli:shares 0001398659 2018-07-01 2018-09-30 0001398659 2019-07-01 2019-09-30 0001398659 2018-01-01 2018-09-30 0001398659 us-gaap:CommonStockMember 2017-12-31 0001398659 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001398659 us-gaap:RetainedEarningsMember 2017-12-31 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001398659 2017-12-31 0001398659 us-gaap:AccountingStandardsUpdate201409Member us-gaap:RetainedEarningsMember 2017-12-31 0001398659 us-gaap:AccountingStandardsUpdate201409Member 2017-12-31 0001398659 us-gaap:AccountingStandardsUpdate201802Member us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0001398659 us-gaap:AccountingStandardsUpdate201802Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0001398659 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0001398659 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0001398659 us-gaap:CommonStockMember 2018-09-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001398659 us-gaap:RetainedEarningsMember 2018-09-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001398659 2018-09-30 0001398659 us-gaap:CommonStockMember 2018-06-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001398659 us-gaap:RetainedEarningsMember 2018-06-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001398659 2018-06-30 0001398659 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001398659 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001398659 us-gaap:CommonStockMember 2018-12-31 0001398659 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001398659 us-gaap:RetainedEarningsMember 2018-12-31 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001398659 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0001398659 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001398659 us-gaap:CommonStockMember 2019-09-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001398659 us-gaap:RetainedEarningsMember 2019-09-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001398659 us-gaap:CommonStockMember 2019-06-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001398659 us-gaap:RetainedEarningsMember 2019-06-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001398659 2019-06-30 0001398659 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001398659 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001398659 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001398659 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2019-01-01 2019-09-30 0001398659 g:DeferredCompensationPlanAssetsMember 2019-01-01 2019-09-30 0001398659 g:DeferredCompensationLiabilitiesMember 2019-01-01 2019-09-30 g:Employee g:Country 0001398659 us-gaap:CustomerRelatedIntangibleAssetsMember srt:MinimumMember 2019-01-01 2019-09-30 0001398659 us-gaap:CustomerRelatedIntangibleAssetsMember srt:MaximumMember 2019-01-01 2019-09-30 0001398659 us-gaap:MarketingRelatedIntangibleAssetsMember srt:MinimumMember 2019-01-01 2019-09-30 0001398659 us-gaap:MarketingRelatedIntangibleAssetsMember srt:MaximumMember 2019-01-01 2019-09-30 0001398659 us-gaap:TechnologyBasedIntangibleAssetsMember srt:MinimumMember 2019-01-01 2019-09-30 0001398659 us-gaap:TechnologyBasedIntangibleAssetsMember srt:MaximumMember 2019-01-01 2019-09-30 0001398659 us-gaap:OtherIntangibleAssetsMember 2019-01-01 2019-09-30 xbrli:pure 0001398659 g:GeneralElectricCompanyMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2018-01-01 2018-12-31 0001398659 g:GeneralElectricCompanyMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2019-01-01 2019-09-30 0001398659 g:GeneralElectricCompanyMember us-gaap:CreditConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2018-01-01 2018-09-30 0001398659 g:GeneralElectricCompanyMember us-gaap:CreditConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2019-01-01 2019-09-30 0001398659 g:GeneralElectricCompanyMember us-gaap:CreditConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2018-07-01 2018-09-30 0001398659 g:GeneralElectricCompanyMember us-gaap:CreditConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2019-07-01 2019-09-30 0001398659 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001398659 srt:MinimumMember 2019-09-30 0001398659 srt:MaximumMember 2019-09-30 0001398659 srt:MinimumMember 2019-01-01 2019-09-30 0001398659 srt:MaximumMember 2019-01-01 2019-09-30 0001398659 us-gaap:AccountingStandardsUpdate201602Member g:AdoptionOfAccountingStandardsUpdate201602IncreaseDecreaseMember 2019-01-01 0001398659 g:PrepaidRentAsComponentOfPrepaidExpensesAndOtherCurrentAssetsMember 2019-09-30 0001398659 g:LeaseholdLandAsComponentOfPrepaidExpensesAndOtherCurrentAssetsMember 2019-09-30 0001398659 g:PrepaidRentAsComponentOfOtherAssetsMember 2019-09-30 0001398659 g:LeaseholdLandAsComponentOfOtherAssetsMember 2019-09-30 0001398659 g:AccruedLeaseLiabilitiesAsComponentOfAccruedExpensesAndOtherCurrentLiabilitiesMember 2019-09-30 0001398659 g:AccruedExpensesAndOtherCurrentLiabilitiesMember us-gaap:AccountingStandardsUpdate201602Member 2019-09-30 0001398659 g:AccruedLeaseLiabilitiesAsComponentOfOtherLiabilitiesMember 2019-09-30 0001398659 us-gaap:OtherLiabilitiesMember us-gaap:AccountingStandardsUpdate201602Member 2019-09-30 0001398659 g:RiskCanvasHoldingsLLCMember 2019-01-07 2019-01-07 0001398659 g:RiskCanvasHoldingsLLCMember 2019-01-07 0001398659 g:RiskCanvasHoldingsLLCMember us-gaap:CustomerRelatedIntangibleAssetsMember 2019-01-07 0001398659 g:RiskCanvasHoldingsLLCMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-07 0001398659 g:RiskCanvasHoldingsLLCMember g:RestrictiveCovenantsMember 2019-01-07 0001398659 g:BarkawiManagementConsultantsGmbHAndCoKGAndCertainRelatedEntitiesMember 2018-08-30 2018-08-30 0001398659 g:BarkawiManagementConsultantsGmbHAndCoKGAndCertainRelatedEntitiesMember 2018-08-30 0001398659 g:BarkawiManagementConsultantsGmbHAndCoKGAndCertainRelatedEntitiesMember 2019-09-30 0001398659 g:BarkawiManagementConsultantsGmbHAndCoKGAndCertainRelatedEntitiesMember us-gaap:CustomerRelatedIntangibleAssetsMember 2018-08-30 0001398659 g:BarkawiManagementConsultantsGmbHAndCoKGAndCertainRelatedEntitiesMember us-gaap:MarketingRelatedIntangibleAssetsMember 2018-08-30 0001398659 g:CommonwealthInformaticsIncMember 2018-07-03 2018-07-03 0001398659 g:CommonwealthInformaticsIncMember 2018-07-03 0001398659 g:CommonwealthInformaticsIncMember 2019-01-01 2019-09-30 0001398659 g:CommonwealthInformaticsIncMember 2019-09-30 0001398659 g:CommonwealthInformaticsIncMember us-gaap:CustomerRelatedIntangibleAssetsMember 2018-07-03 0001398659 g:CommonwealthInformaticsIncMember us-gaap:TechnologyBasedIntangibleAssetsMember 2018-07-03 0001398659 2018-01-01 2018-12-31 0001398659 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001398659 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001398659 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0001398659 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001398659 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001398659 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2018-06-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2019-06-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2017-12-31 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2018-12-31 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2018-07-01 2018-09-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2019-07-01 2019-09-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2018-01-01 2018-09-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2018-09-30 0001398659 g:BusinessAcquisitionContingentConsiderationMember 2019-09-30 0001398659 g:DeferredCompensationPlanAssetsMember 2019-06-30 0001398659 g:DeferredCompensationPlanAssetsMember 2018-12-31 0001398659 g:DeferredCompensationPlanAssetsMember 2018-07-01 2018-09-30 0001398659 g:DeferredCompensationPlanAssetsMember 2019-07-01 2019-09-30 0001398659 g:DeferredCompensationPlanAssetsMember 2018-01-01 2018-09-30 0001398659 g:DeferredCompensationPlanAssetsMember 2018-09-30 0001398659 g:DeferredCompensationPlanAssetsMember 2019-09-30 0001398659 g:DeferredCompensationLiabilitiesMember 2019-06-30 0001398659 g:DeferredCompensationLiabilitiesMember 2018-12-31 0001398659 g:DeferredCompensationLiabilitiesMember 2018-07-01 2018-09-30 0001398659 g:DeferredCompensationLiabilitiesMember 2019-07-01 2019-09-30 0001398659 g:DeferredCompensationLiabilitiesMember 2018-01-01 2018-09-30 0001398659 g:DeferredCompensationLiabilitiesMember 2018-09-30 0001398659 g:DeferredCompensationLiabilitiesMember 2019-09-30 0001398659 us-gaap:ForeignExchangeContractMember srt:MaximumMember 2019-01-01 2019-09-30 0001398659 us-gaap:InterestRateSwapMember srt:MaximumMember 2019-01-01 2019-09-30 0001398659 g:UnitedStatesDollarsSellIndianRupeesBuyMember 2018-12-31 0001398659 g:UnitedStatesDollarsSellPhilippinesPesoBuyMember 2018-12-31 0001398659 g:EuroSellUnitedStatesDollarsBuyMember 2018-12-31 0001398659 g:PoundSterlingBuyUnitedStatesDollarsSellMember 2018-12-31 0001398659 g:EuroSellRomanianLeuBuyMember 2018-12-31 0001398659 g:JapaneseYenSellChineseRenminbiBuyMember 2018-12-31 0001398659 g:PoundSterlingSellUnitedStatesDollarsBuyMember 2018-12-31 0001398659 g:AustralianDollarsSellUnitedStatesDollarsBuyMember 2018-12-31 0001398659 g:InterestRateSwapFloatingToFixedMember 2018-12-31 0001398659 g:UnitedStatesDollarsSellIndianRupeesBuyMember 2019-09-30 0001398659 g:UnitedStatesDollarsSellMexicanPesoBuyMember 2019-09-30 0001398659 g:UnitedStatesDollarsSellPhilippinesPesoBuyMember 2019-09-30 0001398659 g:EuroSellUnitedStatesDollarsBuyMember 2019-09-30 0001398659 g:SingaporeDollarsBuyUnitedStatesDollarsSellMember 2019-09-30 0001398659 g:EuroSellRomanianLeuBuyMember 2019-09-30 0001398659 g:JapaneseYenSellChineseRenminbiBuyMember 2019-09-30 0001398659 g:PoundSterlingSellUnitedStatesDollarsBuyMember 2019-09-30 0001398659 g:AustralianDollarsSellUnitedStatesDollarsBuyMember 2019-09-30 0001398659 g:UnitedStatesDollarsSellHungarianForintBuyMember 2019-09-30 0001398659 g:InterestRateSwapFloatingToFixedMember 2019-09-30 0001398659 us-gaap:CashFlowHedgingMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-12-31 0001398659 us-gaap:CashFlowHedgingMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-09-30 0001398659 us-gaap:NondesignatedMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-12-31 0001398659 us-gaap:NondesignatedMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-09-30 0001398659 us-gaap:CashFlowHedgingMember us-gaap:OtherAssetsMember 2018-12-31 0001398659 us-gaap:CashFlowHedgingMember us-gaap:OtherAssetsMember 2019-09-30 0001398659 us-gaap:NondesignatedMember us-gaap:OtherAssetsMember 2019-09-30 0001398659 us-gaap:CashFlowHedgingMember g:AccruedExpensesAndOtherCurrentLiabilitiesMember 2018-12-31 0001398659 us-gaap:CashFlowHedgingMember g:AccruedExpensesAndOtherCurrentLiabilitiesMember 2019-09-30 0001398659 us-gaap:NondesignatedMember g:AccruedExpensesAndOtherCurrentLiabilitiesMember 2018-12-31 0001398659 us-gaap:NondesignatedMember g:AccruedExpensesAndOtherCurrentLiabilitiesMember 2019-09-30 0001398659 us-gaap:CashFlowHedgingMember us-gaap:OtherLiabilitiesMember 2018-12-31 0001398659 us-gaap:CashFlowHedgingMember us-gaap:OtherLiabilitiesMember 2019-09-30 0001398659 us-gaap:NondesignatedMember us-gaap:OtherLiabilitiesMember 2019-09-30 0001398659 us-gaap:AccountingStandardsUpdate201802Member 2018-09-30 0001398659 us-gaap:ForeignExchangeContractMember 2018-07-01 2018-09-30 0001398659 us-gaap:ForeignExchangeContractMember 2019-07-01 2019-09-30 0001398659 us-gaap:ForeignExchangeContractMember 2018-01-01 2018-09-30 0001398659 us-gaap:ForeignExchangeContractMember 2019-01-01 2019-09-30 0001398659 us-gaap:InterestRateSwapMember 2018-07-01 2018-09-30 0001398659 us-gaap:InterestRateSwapMember 2019-07-01 2019-09-30 0001398659 us-gaap:InterestRateSwapMember 2018-01-01 2018-09-30 0001398659 us-gaap:InterestRateSwapMember 2019-01-01 2019-09-30 0001398659 us-gaap:SalesMember 2018-07-01 2018-09-30 0001398659 us-gaap:SalesMember 2019-07-01 2019-09-30 0001398659 us-gaap:SalesMember 2018-01-01 2018-09-30 0001398659 us-gaap:SalesMember 2019-01-01 2019-09-30 0001398659 us-gaap:CostOfSalesMember 2018-07-01 2018-09-30 0001398659 us-gaap:CostOfSalesMember 2019-07-01 2019-09-30 0001398659 us-gaap:CostOfSalesMember 2018-01-01 2018-09-30 0001398659 us-gaap:CostOfSalesMember 2019-01-01 2019-09-30 0001398659 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-07-01 2018-09-30 0001398659 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-09-30 0001398659 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-01-01 2018-09-30 0001398659 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-09-30 0001398659 us-gaap:InterestExpenseMember 2018-07-01 2018-09-30 0001398659 us-gaap:InterestExpenseMember 2019-07-01 2019-09-30 0001398659 us-gaap:InterestExpenseMember 2018-01-01 2018-09-30 0001398659 us-gaap:InterestExpenseMember 2019-01-01 2019-09-30 0001398659 us-gaap:ForeignExchangeContractMember g:ForwardForeignExchangeContractsMember 2018-07-01 2018-09-30 0001398659 us-gaap:ForeignExchangeContractMember g:ForwardForeignExchangeContractsMember 2019-07-01 2019-09-30 0001398659 us-gaap:ForeignExchangeContractMember g:ForwardForeignExchangeContractsMember 2018-01-01 2018-09-30 0001398659 us-gaap:ForeignExchangeContractMember g:ForwardForeignExchangeContractsMember 2019-01-01 2019-09-30 0001398659 g:DepreciationExpenseOnPropertyPlantAndEquipmentIncludingComputerSoftwareMember 2018-01-01 2018-09-30 0001398659 g:DepreciationExpenseOnPropertyPlantAndEquipmentIncludingComputerSoftwareMember 2019-01-01 2019-09-30 0001398659 g:DepreciationExpenseOnPropertyPlantAndEquipmentIncludingComputerSoftwareMember 2018-07-01 2018-09-30 0001398659 g:DepreciationExpenseOnPropertyPlantAndEquipmentIncludingComputerSoftwareMember 2019-07-01 2019-09-30 0001398659 g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2018-01-01 2018-09-30 0001398659 g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2019-01-01 2019-09-30 0001398659 g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2018-07-01 2018-09-30 0001398659 g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2019-07-01 2019-09-30 0001398659 us-gaap:CustomerRelatedIntangibleAssetsMember 2018-12-31 0001398659 us-gaap:MarketingRelatedIntangibleAssetsMember 2018-12-31 0001398659 us-gaap:TechnologyBasedIntangibleAssetsMember 2018-12-31 0001398659 us-gaap:OtherIntangibleAssetsMember 2018-12-31 0001398659 g:IntangibleAssetsUnderDevelopmentMember 2018-12-31 0001398659 us-gaap:CustomerRelatedIntangibleAssetsMember 2019-09-30 0001398659 us-gaap:MarketingRelatedIntangibleAssetsMember 2019-09-30 0001398659 us-gaap:TechnologyBasedIntangibleAssetsMember 2019-09-30 0001398659 us-gaap:OtherIntangibleAssetsMember 2019-09-30 0001398659 g:IntangibleAssetsUnderDevelopmentMember 2019-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember 2018-01-01 2018-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember 2019-01-01 2019-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember 2018-07-01 2018-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember 2019-07-01 2019-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2018-01-01 2018-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2019-01-01 2019-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2018-07-01 2018-09-30 0001398659 us-gaap:DevelopedTechnologyRightsMember g:EffectOfReclassificationOfForeignExchangeGainsLossesMember 2019-07-01 2019-09-30 0001398659 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2018-01-01 2018-09-30 0001398659 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2019-01-01 2019-09-30 0001398659 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2018-07-01 2018-09-30 0001398659 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2019-07-01 2019-09-30 0001398659 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-01-01 2018-09-30 0001398659 us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-09-30 0001398659 us-gaap:RevolvingCreditFacilityMember 2018-08-08 0001398659 us-gaap:RevolvingCreditFacilityMember 2018-08-09 0001398659 g:NonFundBasedCreditFacilityMember 2018-12-31 0001398659 g:NonFundBasedCreditFacilityMember 2019-09-30 0001398659 g:FundBasedCreditFacilityMember 2018-01-01 2018-12-31 0001398659 g:FundBasedCreditFacilityMember 2019-01-01 2019-09-30 0001398659 g:TwoThousandFifteenCreditFacilityMember g:TermLoanCreditFacilityMember 2018-08-31 0001398659 g:TwoThousandFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2018-08-31 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember g:TermLoanCreditFacilityMember 2018-08-31 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2018-08-31 0001398659 g:TwoThousandFifteenCreditFacilityMember g:TermLoanCreditFacilityMember 2018-08-01 2018-08-31 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember g:TermLoanCreditFacilityMember 2018-08-01 2018-08-31 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember 2018-08-01 2018-08-31 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2018-09-30 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2018-08-01 2018-08-31 0001398659 g:TwoThousandFifteenCreditFacilityMember 2018-08-01 2018-08-31 0001398659 2018-08-01 2018-08-31 0001398659 g:AmendedTwoThousandFifteenCreditFacilityMember 2018-08-31 0001398659 g:TwoThousandFifteenCreditFacilityMember 2018-08-31 0001398659 g:TermLoanCreditFacilityMember 2018-01-01 2018-12-31 0001398659 g:TermLoanCreditFacilityMember 2019-01-01 2019-09-30 0001398659 g:TermLoanCreditFacilityMember 2018-12-31 0001398659 g:TermLoanCreditFacilityMember 2019-09-30 0001398659 g:ThreePointSevenZeroPercentageSeniorNotesMember srt:SubsidiaryIssuerMember 2017-03-31 0001398659 g:ThreePointSevenZeroPercentageSeniorNotesMember srt:SubsidiaryIssuerMember 2017-03-01 2017-03-31 0001398659 g:ThreePointSevenZeroPercentageSeniorNotesMember srt:SubsidiaryIssuerMember 2019-01-01 2019-09-30 0001398659 g:ThreePointSevenZeroPercentageSeniorNotesMember srt:SubsidiaryIssuerMember 2018-01-01 2018-12-31 0001398659 g:ThreePointSevenZeroPercentageSeniorNotesMember srt:SubsidiaryIssuerMember 2019-09-30 0001398659 g:ThreePointSevenZeroPercentageSeniorNotesMember srt:SubsidiaryIssuerMember 2018-12-31 g:Day 0001398659 country:IN 2018-07-01 2018-09-30 0001398659 country:IN 2019-07-01 2019-09-30 0001398659 country:IN 2018-01-01 2018-09-30 0001398659 country:IN 2019-01-01 2019-09-30 0001398659 country:US 2018-07-01 2018-09-30 0001398659 country:US 2019-07-01 2019-09-30 0001398659 country:US 2018-01-01 2018-09-30 0001398659 country:US 2019-01-01 2019-09-30 0001398659 country:GB 2018-07-01 2018-09-30 0001398659 country:GB 2019-07-01 2019-09-30 0001398659 country:GB 2018-01-01 2018-09-30 0001398659 country:GB 2019-01-01 2019-09-30 0001398659 country:CN 2018-07-01 2018-09-30 0001398659 country:CN 2019-07-01 2019-09-30 0001398659 country:CN 2018-01-01 2018-09-30 0001398659 country:CN 2019-01-01 2019-09-30 0001398659 g:OtherRegionsMember 2018-07-01 2018-09-30 0001398659 g:OtherRegionsMember 2019-07-01 2019-09-30 0001398659 g:OtherRegionsMember 2018-01-01 2018-09-30 0001398659 g:OtherRegionsMember 2019-01-01 2019-09-30 0001398659 country:US srt:MinimumMember 2018-07-01 2018-07-01 0001398659 country:US srt:MaximumMember 2018-07-01 2018-07-01 0001398659 country:US 2018-07-01 2018-07-01 0001398659 g:VestingPeriodOneMember country:US 2018-07-01 0001398659 g:VestingPeriodTwoMember country:US 2018-07-01 0001398659 g:TwoThousandSevenOmnibusPlanMember 2012-04-11 2012-04-11 0001398659 g:TwoThousandSevenOmnibusPlanMember 2012-04-11 0001398659 g:TwoThousandSevenOmnibusPlanMember 2019-04-05 2019-04-05 0001398659 g:TwoThousandSevenOmnibusPlanMember 2019-04-05 0001398659 g:TwoThousandSeventeenOmnibusPlanMember 2017-05-09 0001398659 srt:MinimumMember 2018-01-01 2018-09-30 0001398659 srt:MaximumMember 2018-01-01 2018-09-30 0001398659 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0001398659 srt:MinimumMember us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001398659 srt:MaximumMember us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001398659 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 0001398659 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001398659 us-gaap:RestrictedStockUnitsRSUMember 2019-09-30 0001398659 us-gaap:RestrictedStockUnitsRSUMember 2017-01-01 2017-12-31 0001398659 srt:MinimumMember us-gaap:PerformanceSharesMember 2019-01-01 2019-09-30 0001398659 srt:MaximumMember us-gaap:PerformanceSharesMember 2019-01-01 2019-09-30 0001398659 us-gaap:PerformanceSharesMember 2018-12-31 0001398659 us-gaap:PerformanceSharesMember 2019-01-01 2019-09-30 0001398659 us-gaap:PerformanceSharesMember 2019-09-30 0001398659 g:EmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0001398659 g:EmployeeStockPurchasePlanMember 2019-09-30 0001398659 g:EmployeeStockPurchasePlanMember 2018-01-01 2018-09-30 0001398659 g:EmployeeStockPurchasePlanMember 2018-07-01 2018-09-30 0001398659 g:EmployeeStockPurchasePlanMember 2019-07-01 2019-09-30 0001398659 2015-01-01 2015-12-31 0001398659 g:ShareRepurchaseOpenMarketMember 2019-01-01 2019-09-30 0001398659 g:ShareRepurchaseOpenMarketMember 2018-01-01 2018-09-30 0001398659 g:AcceleratedShareRepurchaseAgreementMember 2018-01-17 2018-01-17 0001398659 2018-02-11 2018-02-12 0001398659 2017-01-01 2017-12-31 0001398659 2018-03-21 2018-03-21 0001398659 2018-06-20 2018-06-20 0001398659 2018-09-19 2018-09-19 0001398659 g:FirstQuarterDividendMember 2018-02-11 2018-02-12 0001398659 g:SecondQuarterDividendMember 2018-02-11 2018-02-12 0001398659 g:ThirdQuarterDividendMember 2018-02-11 2018-02-12 0001398659 2019-02-07 2019-02-07 0001398659 2019-03-20 2019-03-20 0001398659 2019-06-21 2019-06-21 0001398659 2019-09-20 2019-09-20 0001398659 g:FirstQuarterDividendMember 2019-02-07 2019-02-07 0001398659 g:SecondQuarterDividendMember 2019-02-07 2019-02-07 0001398659 g:ThirdQuarterDividendMember 2019-02-07 2019-02-07 0001398659 g:GeneralElectricCompanyMember 2018-07-01 2018-09-30 0001398659 g:GeneralElectricCompanyMember 2019-07-01 2019-09-30 0001398659 g:GeneralElectricCompanyMember 2018-01-01 2018-09-30 0001398659 g:GeneralElectricCompanyMember 2019-01-01 2019-09-30 0001398659 g:GlobalClientsMember 2018-07-01 2018-09-30 0001398659 g:GlobalClientsMember 2019-07-01 2019-09-30 0001398659 g:GlobalClientsMember 2018-01-01 2018-09-30 0001398659 g:GlobalClientsMember 2019-01-01 2019-09-30 0001398659 g:BusinessProcessServicesMember 2018-07-01 2018-09-30 0001398659 g:BusinessProcessServicesMember 2019-07-01 2019-09-30 0001398659 g:BusinessProcessServicesMember 2018-01-01 2018-09-30 0001398659 g:BusinessProcessServicesMember 2019-01-01 2019-09-30 0001398659 g:InformationTechnologyServicesMember 2018-07-01 2018-09-30 0001398659 g:InformationTechnologyServicesMember 2019-07-01 2019-09-30 0001398659 g:InformationTechnologyServicesMember 2018-01-01 2018-09-30 0001398659 g:InformationTechnologyServicesMember 2019-01-01 2019-09-30 0001398659 g:BankingFinancialServicesAndInsuranceMember 2018-07-01 2018-09-30 0001398659 g:BankingFinancialServicesAndInsuranceMember 2019-07-01 2019-09-30 0001398659 g:BankingFinancialServicesAndInsuranceMember 2018-01-01 2018-09-30 0001398659 g:BankingFinancialServicesAndInsuranceMember 2019-01-01 2019-09-30 0001398659 g:ConsumerGoodsRetailLifeSciencesAndHealthcareMember 2018-07-01 2018-09-30 0001398659 g:ConsumerGoodsRetailLifeSciencesAndHealthcareMember 2019-07-01 2019-09-30 0001398659 g:ConsumerGoodsRetailLifeSciencesAndHealthcareMember 2018-01-01 2018-09-30 0001398659 g:ConsumerGoodsRetailLifeSciencesAndHealthcareMember 2019-01-01 2019-09-30 0001398659 g:HighTechManufacturingAndServicesMember 2018-07-01 2018-09-30 0001398659 g:HighTechManufacturingAndServicesMember 2019-07-01 2019-09-30 0001398659 g:HighTechManufacturingAndServicesMember 2018-01-01 2018-09-30 0001398659 g:HighTechManufacturingAndServicesMember 2019-01-01 2019-09-30 0001398659 country:IN 2018-07-01 2018-09-30 0001398659 country:IN 2019-07-01 2019-09-30 0001398659 country:IN 2018-01-01 2018-09-30 0001398659 country:IN 2019-01-01 2019-09-30 0001398659 g:AsiaOtherThanIndiaMember 2018-07-01 2018-09-30 0001398659 g:AsiaOtherThanIndiaMember 2019-07-01 2019-09-30 0001398659 g:AsiaOtherThanIndiaMember 2018-01-01 2018-09-30 0001398659 g:AsiaOtherThanIndiaMember 2019-01-01 2019-09-30 0001398659 srt:AmericasMember 2018-07-01 2018-09-30 0001398659 srt:AmericasMember 2019-07-01 2019-09-30 0001398659 srt:AmericasMember 2018-01-01 2018-09-30 0001398659 srt:AmericasMember 2019-01-01 2019-09-30 0001398659 srt:EuropeMember 2018-07-01 2018-09-30 0001398659 srt:EuropeMember 2019-07-01 2019-09-30 0001398659 srt:EuropeMember 2018-01-01 2018-09-30 0001398659 srt:EuropeMember 2019-01-01 2019-09-30 0001398659 2019-10-01 2019-09-30 0001398659 2020-01-01 2019-09-30 0001398659 2022-01-01 2019-09-30 0001398659 2024-01-01 2019-09-30 0001398659 g:SalesIncentiveProgramsMember 2018-06-30 0001398659 g:ProcessTransitionActivitiesMember 2018-06-30 0001398659 g:SalesIncentiveProgramsMember 2019-06-30 0001398659 g:ProcessTransitionActivitiesMember 2019-06-30 0001398659 g:SalesIncentiveProgramsMember 2017-12-31 0001398659 g:ProcessTransitionActivitiesMember 2017-12-31 0001398659 g:SalesIncentiveProgramsMember 2018-12-31 0001398659 g:ProcessTransitionActivitiesMember 2018-12-31 0001398659 g:SalesIncentiveProgramsMember 2018-09-30 0001398659 g:ProcessTransitionActivitiesMember 2018-09-30 0001398659 g:SalesIncentiveProgramsMember 2019-09-30 0001398659 g:ProcessTransitionActivitiesMember 2019-09-30 0001398659 g:SalesIncentiveProgramsMember 2018-07-01 2018-09-30 0001398659 g:ProcessTransitionActivitiesMember 2018-07-01 2018-09-30 0001398659 g:SalesIncentiveProgramsMember 2019-07-01 2019-09-30 0001398659 g:ProcessTransitionActivitiesMember 2019-07-01 2019-09-30 0001398659 g:SalesIncentiveProgramsMember 2018-01-01 2018-09-30 0001398659 g:ProcessTransitionActivitiesMember 2018-01-01 2018-09-30 0001398659 g:SalesIncentiveProgramsMember 2019-01-01 2019-09-30 0001398659 g:ProcessTransitionActivitiesMember 2019-01-01 2019-09-30 0001398659 g:PersonnelExpensesMember 2018-07-01 2018-09-30 0001398659 g:PersonnelExpensesMember 2019-07-01 2019-09-30 0001398659 g:PersonnelExpensesMember 2018-01-01 2018-09-30 0001398659 g:PersonnelExpensesMember 2019-01-01 2019-09-30 0001398659 g:OperationalExpensesMember 2018-07-01 2018-09-30 0001398659 g:OperationalExpensesMember 2019-07-01 2019-09-30 0001398659 g:OperationalExpensesMember 2018-01-01 2018-09-30 0001398659 g:OperationalExpensesMember 2019-01-01 2019-09-30 0001398659 g:DepreciationAndAmortizationMember 2018-07-01 2018-09-30 0001398659 g:DepreciationAndAmortizationMember 2019-07-01 2019-09-30 0001398659 g:DepreciationAndAmortizationMember 2018-01-01 2018-09-30 0001398659 g:DepreciationAndAmortizationMember 2019-01-01 2019-09-30 0001398659 g:AffiliateOfSignificantShareholderMember 2018-01-01 2018-09-30 0001398659 g:AffiliateOfSignificantShareholderMember 2019-01-01 2019-09-30 0001398659 g:AffiliateOfSignificantShareholderMember 2018-07-01 2018-09-30 0001398659 g:AffiliateOfSignificantShareholderMember 2019-07-01 2019-09-30 0001398659 g:NonConsolidatingAffiliatesMember 2018-01-01 2018-09-30 0001398659 g:NonConsolidatingAffiliatesMember 2019-01-01 2019-09-30 0001398659 g:NonConsolidatingAffiliatesMember 2018-07-01 2018-09-30 0001398659 g:NonConsolidatingAffiliatesMember 2019-07-01 2019-09-30 0001398659 g:ShareholderMember 2018-01-01 2018-09-30 0001398659 g:ShareholderMember 2019-01-01 2019-09-30 0001398659 g:ShareholderMember 2018-07-01 2018-09-30 0001398659 g:ShareholderMember 2019-07-01 2019-09-30 0001398659 us-gaap:CapitalAdditionsMember 2018-01-01 2018-12-31 0001398659 us-gaap:CapitalAdditionsMember 2019-01-01 2019-09-30 0001398659 g:ThirdQuarterDividendMember us-gaap:SubsequentEventMember 2019-10-16 2019-10-17 0001398659 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-09-30 0001398659 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-09-30 0001398659 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-30 0001398659 srt:ConsolidationEliminationsMember 2019-09-30 0001398659 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-12-31 0001398659 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-12-31 0001398659 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001398659 srt:ConsolidationEliminationsMember 2018-12-31 0001398659 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001398659 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001398659 srt:ConsolidationEliminationsMember 2019-07-01 2019-09-30 0001398659 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:SubsidiaryIssuerMember 2019-01-01 2019-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:NonGuarantorSubsidiariesMember 2019-01-01 2019-09-30 0001398659 srt:ConsolidationEliminationsMember 2019-01-01 2019-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:ParentCompanyMember 2019-01-01 2019-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:SubsidiaryIssuerMember 2018-07-01 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:NonGuarantorSubsidiariesMember 2018-07-01 2018-09-30 0001398659 srt:ConsolidationEliminationsMember 2018-07-01 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:ParentCompanyMember 2018-07-01 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:SubsidiaryIssuerMember 2018-01-01 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:NonGuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001398659 srt:ConsolidationEliminationsMember 2018-01-01 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:ParentCompanyMember 2018-01-01 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:SubsidiaryIssuerMember 2017-12-31 0001398659 srt:ReportableLegalEntitiesMember srt:ParentCompanyMember 2017-12-31 0001398659 srt:ReportableLegalEntitiesMember srt:NonGuarantorSubsidiariesMember 2017-12-31 0001398659 srt:ReportableLegalEntitiesMember srt:SubsidiaryIssuerMember 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:ParentCompanyMember 2018-09-30 0001398659 srt:ReportableLegalEntitiesMember srt:NonGuarantorSubsidiariesMember 2018-09-30

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period ended September 30, 2019

Or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from              to             

Commission file number: 001-33626

 

GENPACT LIMITED

(Exact name of registrant as specified in its charter)

 

 

Bermuda

 

98-0533350

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

Victoria Place, 5th Floor

31 Victoria Street

Hamilton HM 10

Bermuda

(441294-8000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive office)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares, par value $0.01 per share

G

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”  “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

 

 

As of October 31, 2019, there were 189,956,225 common shares, par value $0.01 per share, of the registrant issued and outstanding.

 

 

 

 


TABLE OF CONTENTS

 

 

 

Item No.

 

 

 

Page No.

 

 

 

 

 

PART I

 

 

 

Financial Information

 

 

 

 

1.

 

Unaudited Consolidated Financial Statements

 

 

 

 

 

 

Consolidated Balance Sheets as of December 31, 2018 and September 30, 2019

 

1

 

 

 

 

Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2019

 

2

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2018 and 2019

 

3

 

 

 

 

Consolidated Statements of Equity and Redeemable Non-controlling Interest for the three and nine months ended September 30, 2018 and Consolidated Statements of Equity for the three and nine months ended September 2019

 

5

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2019

 

8

 

 

 

 

Notes to the Consolidated Financial Statements

 

9

 

 

2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

53

 

 

3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

71

 

 

4.

 

Controls and Procedures

 

71

 

 

 

 

 

 

 

PART II

 

 

 

Other Information

 

 

 

 

1.

 

Legal Proceedings

 

72

 

 

1A.

 

Risk Factors

 

72

 

 

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

72

 

 

6.

 

Exhibits

 

72

 

 

 

 

 

 

 

SIGNATURES

 

74

 

 

 

 


PART I - FINANCIAL INFORMATION

 

Item 1.      Unaudited Consolidated Financial Statements

                                      

GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(In thousands, except per share data and share count)

 

 

Notes

 

As of December 31,

2018

 

 

As of September 30,

2019

 

Assets

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

4

 

$

368,396

 

 

$

456,872

 

Accounts receivable, net

 

5

 

 

774,184

 

 

 

863,232

 

Prepaid expenses and other current assets

 

8

 

 

212,477

 

 

 

236,761

 

Total current assets

 

 

 

$

1,355,057

 

 

$

1,556,865

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

9

 

 

212,715

 

 

 

216,385

 

Operating lease right-of-use assets

 

 

 

 

 

 

 

299,868

 

Deferred tax assets

 

24

 

 

74,566

 

 

 

80,583

 

Investment in equity affiliates

 

25

 

 

836

 

 

 

 

Intangible assets, net

 

10

 

 

177,087

 

 

 

162,571

 

Goodwill

 

10

 

 

1,393,832

 

 

 

1,389,487

 

Contract cost assets

 

19

 

 

160,193

 

 

 

206,503

 

Other assets

 

 

 

 

155,159

 

 

 

185,499

 

Total assets

 

 

 

$

3,529,445

 

 

$

4,097,761

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

11

 

$

295,000

 

 

$

245,000

 

Current portion of long-term debt

 

12

 

 

33,483

 

 

 

33,504

 

Accounts payable

 

 

 

 

42,584

 

 

 

20,954

 

Income taxes payable

 

24

 

 

33,895

 

 

 

84,537

 

Accrued expenses and other current liabilities

 

13

 

 

571,350

 

 

 

630,151

 

Operating leases liability

 

 

 

 

 

 

 

50,048

 

Total current liabilities

 

 

 

$

976,312

 

 

$

1,064,194

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

12

 

 

975,645

 

 

 

950,908

 

Operating leases liability

 

 

 

 

 

 

 

278,449

 

Deferred tax liabilities

 

24

 

 

8,080

 

 

 

4,413

 

Other liabilities

 

14

 

 

165,226

 

 

 

194,113

 

Total liabilities

 

 

 

$

2,125,263

 

 

$

2,492,077

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

Preferred shares, $0.01 par value, 250,000,000 authorized, none issued

 

 

 

 

 

 

 

 

Common shares, $0.01 par value, 500,000,000 authorized, 189,346,101 and  190,113,448 issued and outstanding as of December 31, 2018 and September 30, 2019, respectively

 

 

 

 

1,888

 

 

 

1,896

 

Additional paid-in capital

 

 

 

 

1,471,301

 

 

 

1,544,755

 

Retained earnings

 

 

 

 

438,453

 

 

 

588,714

 

Accumulated other comprehensive income (loss)

 

 

 

 

(507,460

)

 

 

(529,681

)

Total equity

 

 

 

$

1,404,182

 

 

$

1,605,684

 

Commitments and contingencies

 

27

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

 

$

3,529,445

 

 

$

4,097,761

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the Consolidated Financial Statements.

1


GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data and share count)

 

 

 

Three months ended September 30,

 

 

 

Nine months ended September 30,

 

 

Notes

2018

 

 

2019

 

 

 

2018

 

 

2019

 

Net revenues

19

$

747,978

 

 

$

888,799

 

 

 

$

2,165,451

 

 

$

2,579,804

 

Cost of revenue

20, 25

 

481,412

 

 

 

573,659

 

 

 

 

1,388,634

 

 

 

1,664,040

 

Gross profit

 

$

266,566

 

 

$

315,140

 

 

 

$

776,817

 

 

$

915,764

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

21, 25

 

168,010

 

 

 

194,537

 

 

 

 

515,285

 

 

 

582,251

 

Amortization of acquired intangible assets

10

 

9,372

 

 

 

6,960

 

 

 

 

29,134

 

 

 

23,565

 

Other operating (income) expense, net

22

 

(4,844

)

 

 

59

 

 

 

 

(4,913

)

 

 

90

 

Income from operations

 

$

94,028

 

 

$

113,584

 

 

 

$

237,311

 

 

$

309,858

 

Foreign exchange gains (losses), net

 

 

7,450

 

 

 

6,727

 

 

 

 

15,053

 

 

 

3,646

 

Interest income (expense), net

23

 

(9,139

)

 

 

(10,221

)

 

 

 

(27,646

)

 

 

(33,487

)

Other income (expense), net

26

 

5,385

 

 

 

704

 

 

 

 

30,683

 

 

 

5,067

 

Income before equity-method investment activity, net and income tax expense

 

$

97,724

 

 

$

110,794

 

 

 

$

255,401

 

 

$

285,084

 

Equity-method investment activity, net

 

 

(7

)

 

 

(5

)

 

 

 

(22

)

 

 

(16

)

Income before income tax expense

 

$

97,717

 

 

$

110,789

 

 

 

$

255,379

 

 

$

285,068

 

Income tax expense

24

 

24,114

 

 

 

22,669

 

 

 

 

53,268

 

 

 

62,385

 

Net income

 

$

73,603

 

 

$

88,120

 

 

 

$

202,111

 

 

$

222,683

 

Net loss attributable to redeemable non-controlling interest

 

 

 

 

 

 

 

 

 

761

 

 

 

 

Net income attributable to Genpact Limited shareholders

 

$

73,603

 

 

$

88,120

 

 

 

$

202,872

 

 

$

222,683

 

Net income available to Genpact Limited common shareholders

 

$

73,603

 

 

$

88,120

 

 

 

$

202,872

 

 

$

222,683

 

Earnings per common share attributable to Genpact Limited common shareholders

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.39

 

 

$

0.46

 

 

 

$

1.06

 

 

$

1.17

 

Diluted

 

$

0.38

 

 

$

0.45

 

 

 

$

1.04

 

 

$

1.14

 

Weighted average number of common shares used  in computing earnings per common share attributable to Genpact Limited common shareholders

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

190,024,924

 

 

 

190,599,049

 

 

 

 

190,991,405

 

 

 

190,071,418

 

Diluted

 

 

193,115,769

 

 

 

195,890,841

 

 

 

 

194,256,771

 

 

 

194,683,699

 

 

See accompanying notes to the Consolidated Financial Statements.

2


GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(In thousands, except per share data and share count)

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

Genpact Limited Shareholders

 

 

Redeemable Non-controlling interest

 

 

Genpact Limited Shareholders

 

 

Redeemable Non-controlling interest

 

 

Genpact

Limited

Shareholders

 

 

Redeemable

Non-

controlling

interest

 

 

Genpact

Limited

Shareholders

 

 

Redeemable

Non-

controlling

interest

 

Net income (loss)

$

73,603

 

 

$

 

 

$

88,120

 

 

$

 

 

$

202,872

 

 

$

(761

)

 

$

222,683

 

 

$

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation  adjustments

 

(58,134

)

 

 

 

 

 

(39,404

)

 

 

 

 

 

(141,150

)

 

 

(424

)

 

 

(24,677

)

 

 

 

Net income (loss) on cash flow hedging derivatives, net of taxes (Note 7)

 

(28,918

)

 

 

 

 

 

(11,360

)

 

 

 

 

 

(75,729

)

 

 

 

 

 

1,683

 

 

 

 

Retirement benefits, net of taxes

 

692

 

 

 

 

 

 

346

 

 

 

 

 

 

1,822

 

 

 

 

 

 

773

 

 

 

 

Other comprehensive income (loss)

 

(86,360

)

 

 

 

 

 

(50,418

)

 

 

 

 

 

(215,057

)

 

 

(424

)

 

 

(22,221

)

 

 

 

Comprehensive income (loss)

$

(12,757

)

 

$

 

 

$

37,702

 

 

$

 

 

$

(12,185

)

 

$

(1,185

)

 

$

200,462

 

 

$

 

 

See accompanying notes to the Consolidated Financial Statements.

3


GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Equity and Redeemable Non-controlling Interest

For the nine months ended September 30, 2018

(Unaudited)

(In thousands, except share count)

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

No. of

Shares

 

 

Amount

 

 

Additional Paid-

in Capital

 

 

Retained

Earnings

 

 

Other Comprehensive

Income (Loss)

 

 

Total

Equity

 

 

non-controlling

interest

 

Balance as of January 1, 2018, as       previously reported

 

 

192,825,207

 

 

$

1,924

 

 

$

1,421,368

 

 

$

355,982

 

 

$

(355,230

)

 

$

1,424,044

 

 

$

4,750

 

Adoption of ASU 2014-091

 

 

 

 

 

 

 

 

 

 

 

17,924

 

 

 

 

 

 

17,924

 

 

 

 

Adjusted balance as of January 1, 2018

 

 

192,825,207

 

 

$

1,924

 

 

$

1,421,368

 

 

$

373,906

 

 

$

(355,230

)

 

$

1,441,968

 

 

$

4,750

 

Adoption of ASU 2018-02 (Note 7)

 

 

 

 

 

 

 

 

 

 

 

(2,265

)

 

 

2,265

 

 

 

 

 

 

 

Issuance of common shares on exercise of options (Note 16)

 

 

441,076

 

 

 

4

 

 

 

7,254

 

 

 

 

 

 

 

 

 

7,258

 

 

 

 

Issuance of common shares under the employee stock purchase plan (Note 16)

 

 

181,643

 

 

 

2

 

 

 

5,015

 

 

 

 

 

 

 

 

 

5,017

 

 

 

 

Net settlement on vesting of restricted share units (Note 16)

 

 

192,222

 

 

 

2

 

 

 

(1,665

)

 

 

 

 

 

 

 

 

(1,663

)

 

 

 

Net settlement on vesting of performance units (Note 16)

 

 

691,958

 

 

 

7

 

 

 

(13,291

)

 

 

 

 

 

 

 

 

(13,284

)

 

 

 

Stock repurchased and retired (Note 17)

 

 

(4,278,857

)

 

 

(43

)

 

 

4,000

 

 

 

(134,060

)

 

 

 

 

 

(130,103

)

 

 

 

Expenses related to stock repurchase (Note 17)

 

 

 

 

 

 

 

 

 

 

 

(82

)

 

 

 

 

 

(82

)

 

 

 

Stock-based compensation expense (Note 16)

 

 

 

 

 

 

 

 

32,158

 

 

 

 

 

 

 

 

 

32,158

 

 

 

 

Payment for acquisition of redeemable non-controlling interest

 

 

 

 

 

 

 

 

(1,165

)